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Trio-Tech Reports Sharply Narrower Second Quarter Net Loss As Revenue Increases 11.1%

Stocks in this article: TRT

Trio-Tech International (NYSE MKT:TRT) today announced financial results for the second quarter and first half of fiscal 2013.

For the three months ended December 31, 2012, revenue increased 11.1% to $7,351,000, compared to $6,619,000 for last year's second quarter. The net loss attributable to Trio-Tech common shareholders for the second quarter of fiscal 2013 decreased to $506,000, or $0.15 per share. This compares to a net loss for the second quarter of fiscal 2012 of $1,203,000, or $0.36 per share.

For the six months ended December 31, 2012, revenue increased 10.9% to $17,098,000, compared to $15,418,000 for last year's first half. The net loss attributable to Trio-Tech common shareholders for the first six months of fiscal 2013 narrowed to $523,000, or $0.16 per share, compared to a net loss for the first six months of fiscal 2012 of $2,007,000, or $0.60 per share.

Cash provided by operations for the first six months of fiscal 2013 was $3,646,000, compared to cash used by operations for the first six months of fiscal 2012 of $1,754,000. Shareholders' equity at December 31, 2012 was $21,132,000, or $6.36 per outstanding share, compared to $20,556,000, or $6.25 per outstanding share, at June 30, 2012.

"Our core operations performed well in the second quarter, and our cash position is improving. Revenue from semiconductor testing services was up 33.9%, driven by higher testing volume in our Malaysia, Thailand and China operations, while sales of semiconductor test products increased 3.6%. Benefitting from the growth in revenue, gross margin for this year's second quarter improved to 18.3% compared to 11.4% a year ago, while operating expenses decreased 18.2%, reflecting our commitment to control costs. We are optimistic about the outlook for our testing business, especially in China," said SW Yong, Trio-Tech's CEO.

As previously announced, effective on December 31, 2012, the Company terminated the lease on the yard in Batam, Indonesia used for its oil and gas equipment fabrication business. Yong noted that this will contribute to further cost reductions beginning in the current quarter.

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